Elliott Associates reports stake in Advisory Board, seeks talks

The Advisory Board downgraded to Underperform from Buy at BofA/Merrill

11/07/16

BOFA

11/07/16DOWNGRADETarget $36BOFAUnderperform

The Advisory Board downgraded to Underperform on capex softness at BofA/Merrill

As previously reported, BofA/Merrill downgraded The Advisory Board to Underperform from Buy and lowered its price target to $36 from $48. Analyst Steven Valiquette said the firm's hospital survey indicates hospital customer capex softness will extend further into 2017 given reimbursement challenges. The analyst said The Advisory Board results suggest there is a "bit" of a slowdown in purchasing decisions by its core hospital/health system customers which he expects to persist over the next few years, limiting growth.

Piper Jaffray analyst Sean Wieland believes The Advisory Board's lowered outlook tonight should not come as a surprise to investors. The reduced outlook reflects the exiting of less profitable healthcare products as well as pressure on contract renewal driven by post-election uncertainty, Wieland tells investors in a research note. He views Advisory Board's restructuring as in line with the way the company has always operated. The analyst reiterates an Overweight rating on the shares with a $47 price target.

01/05/17

ADAM

01/05/17NO CHANGETarget $36ADAMBuy

The Advisory Board price target lowered to $36 from $45 at Canaccord

Canaccord analyst Richard Close lowered his price target on The Advisory Board to $36 from $45 after the company announced a poor end to the 2016 selling season. The company preannounced lower preliminary 2016 results and lowered 2017 guidance. Close maintained his Buy rating on The Advisory Board as he believes the shares have already priced in negative sentiment.

AT&T Mobility has reached a tentative agreement with the Communications Workers of America in Mobility Orange contract negotiations. The four-year agreement, which will be submitted to the union's membership for a ratification vote in coming days, covers about 20,000 employees in 36 states and the District of Columbia - AT&T's Mobility Orange unit, which encompasses CWA Districts 1, 2-13, 4, 7 and 9.

Pfizer announced that the United States FDA has approved IXIFI, a chimeric human-murine monoclonal antibody against tumor necrosis factor, as a biosimilar to Remicade for all eligible indications of the reference product. The FDA has approved IXIFI as a treatment for patients with rheumatoid arthritis, Crohn's disease, pediatric Crohn's disease, ulcerative colitis, ankylosing spondylitis, psoriatic arthritis, and plaque psoriasis.

Western Alliance Bancorporation announced that during the first quarter of 2018 Robert Sarver will transition from Chairman and CEO to Executive Chairman. In conjunction with Sarver's change in role, Ken Vecchione will be promoted to Chief Executive Officer, Dale Gibbons to Vice Chairman and Chief Financial Officer, and James Haught to President and Chief Operating Officer, all effective April 1, 2018.

Aqua America announced that President and CEO Christopher H. Franklin has been elected chairman of the board, effective Jan. 1, 2018. Franklin became CEO in July 2015 and has served on the board of directors since October 2015. He succeeds Nicholas DeBenedictis, former CEO, who will continue to serve on the board as chairman emeritus.